Women’s #1 Retirement Priority: Fully Funding Social Security by Implementing Reforms So It Can Continue to Pay Future Generations of Retirees

Part of the cowling for one of the motors for a B-25 bomber is assembled in the engine department of North American [Aviation, Inc.]'s Inglewood, Calif., plant. Palmer, Alfred T., photographer; Published: 1942 Oct.; Library of Congress

Findings from the *Transamerica Center for Retirement Studies (TCRS) national survey of working women highlight that few have a high level of confidence about their future retirement. Only one in ten are "very confident" that they will be able to retire comfortably. At the same time, more than half are "guessing" at the amount they will need to save in order to feel secure in retirement. Household retirement savings is $34,000 (estimated median) and more than two-thirds indicate that they have no alternative plan if forced into retirement sooner than expected.TCRS has released a new research report, Seventeen Facts About Women’s Retirement Outlook, which sheds light on vulnerabilities unique to women in their efforts to prepare for a secure retirement. The report is based on findings from TCRS' 17th Annual Transamerica Retirement Survey of Workers and is being released in conjunction with *National Women’s History Month which corresponds with International Women’s Day on March 8.

The focus of International Women’s Day is to highlight issues related to women’s social, political and economic advancement. "Today’s women are better educated and enjoy career opportunities that our grandmothers' generation could only dream about. Nevertheless, women continue to encounter challenges including lower pay, time out of the workforce for parenting or caregiving, and longer life expectancies that all contribute to unique challenges in adequately saving for retirement," says Catherine Collinson, president of TCRS.

Findings from the TCRS national survey of working women highlight that few have a high level of confidence about their future retirement. Only one in ten are "very confident" that they will be able to retire comfortably. At the same time, more than half are "guessing" at the amount they will need to save in order to feel secure in retirement. Household retirement savings is $34,000 (estimated median) and more than two-thirds indicate that they have no alternative plan if forced into retirement sooner than expected.

Four out of five are concerned that Social Security will not be available to them when they are ready to retire. "The facts are startling and clear. Women must begin taking greater control and gain an understanding of their true retirement outlook," said Collinson. "By confronting challenges head-on, women can acquire essential knowledge about how to achieve financial security and create plans that can help mitigate risks and steer them on a course for financial security and a more positive outlook for their retirement ambitions."